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Saudi oil giant Aramco calls off initial public offering, disbands its board of advisors

Last updated: 21:11 22 Aug 2018 BST, First published: 20:49 22 Aug 2018 BST

Oil rigs
The sale was predicted to value the Saudi energy giant at US$2trn

Saudi Arabia’s state-owned energy-giant Aramco has called off its initial public offering, according to a Reuters report.

“The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way - first delay then calling off,” said a Saudi source familiar with the IPO plans, according to Reuters.

The IPO was part of Crown Prince Mohammed bin Salman’s plan to restructure the country’s economy, reducing its dependence on oil revenue.

The prince announced the plan to sell about 5% of Aramco in 2016 via listings at home and internationally.

The sale was predicted to value Aramco at US$2trn, though not all analysts agreed with the valuation.

The financial advisors working on the IPO have been disbanded, according to Reuters’ sources.

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